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How Elon Musk Got Rich

Elon Musk

 

If you’ve been reading Tech blogs lately, then you know how they are obsessed with breaking down the hows and whys behind what is fast emerging as the new fad – ‘How To Get Rich. Anyone who has been following the tech space for a long knows that there is hardly a single person who has not seen the deluge of articles attempting to explain why one particular person got so rich or other people did not. However, these breakdowns rarely offer much more than a cursory glance at the topic and are usually more about creating intrigue than providing any actual insights into how one gets rich in this world. There is a lot more to it than meets the eye. For instance, look at Elon Musk again. Yes, he is another person whose wealth we will be discussing here. But before we go any further, let us have a quick recap on who Elon Musk is and where he came from. Elon Reeve Musk is an American entrepreneur, engineer, investor, and philanthropist. He is known as one

How Elon Musk Got Rich – The Story so far

Musk is one of the few entrepreneurs who consistently makes headlines. His name tends to appear in virtually every article about the new fad called ‘How To Get Rich. And why not? His wealth and the way he got there are simply fascinating. Let’s have a quick recap of how Musk got rich so far. Musk got into the business in the early ‘90s. At that time, he opened an internet service provider (ISP) called Zip2. The concept of finding a person’s address in an address book, entering it into an address book, and printing it was an original idea and something most people weren’t doing at that time. He initially failed at Zip2 but then later tried his luck with PayPal. A man called Scott Isserlis was the one who suggested Musk start PayPal. Musk agreed and soon, he became the CEO of PayPal. But then he stepped down from the role citing personal reasons. The company went public in 2002 and was one of the most popular stocks at that time. It was valued at $26.2 billion. The share price of the company only increased as the company was doing well. But then, in a move that shocked most people, Musk announced that he was selling all his shares. The reason he provided for selling all his shares was that he was taking the company private. He bought shares through the company and was then selling them through the company for a huge profit. But his venture into taking companies private didn’t have a very good start. In early 2004, the credit card processing company he took was called X.com and was valued at $4 billion. The same year, he ventured into the electric car business by setting up a company called Tesla. But then, in 2007, it was revealed that he had lied about the company being able to build as many as 1,000,000 cars a year. Tesla was valued at $30 billion and Musk was once again in the headlines. But he didn’t stop at that. He started to venture into space by setting up SpaceX. Then, in 2012, he started to think about how he could make money by taking humans to other planets. This is how he got into Neuralink, which aims to link a person’s brain to a computer.

B electric car company

In the early days of Tesla, Musk realized that there was a great demand for efficient electric cars. So, in 2001, he set up the company called ‘Solar City’, which was energy storage and solar power company. In 2016, he merged the two entities and now calls it ‘Tesla Inc.’ The company is currently valued at $51 billion and is one of the most admired stocks in the world. Tesla is a leader in the field of electric cars, which are not only more efficient and eco-friendly but also have practical advantages. These include being able to drive hands-free thanks to the autopilot feature, having a feature that keeps the car at a constant speed, and a self-parking function.

Tesla, Inc. – the most famous electric car company in the world

Tesla is known all over the world for manufacturing electric cars. The company has a total of 5 models in its range – Model S, Model X, Model 3, Model R, and Model Y. The first two are luxury cars and are priced between $50,000 and $100,000. The Model 3 is the most affordable of all Tesla’s models and is priced at $35,000. The Model S is one of the most efficient cars on the market. It provides 310 miles per charge and has a range of over 200 miles on a single charge. The Model X is a crossover that comes with a range of 100 miles per charge. The Model 3 is the cheapest of the lot and is priced at $35,000. It is one of the most affordable cars in the world with a price tag that is much lower than a traditional sedan’s.

SpaceX and Neuralink: The latest additions to his portfolio

A musk is a man who likes to take risks. So, when he realized that the government was planning to give the job of putting a man on the moon to NASA, he had to do something about it. This is when he started SpaceX, which is an aerospace manufacturer. The facility that SpaceX built near Houston, Texas was designed to be an engineering hub for the company’s products. It is currently valued at $10 billion and is one of the most admired companies in the world. Musk is also keen on taking humans to other planets. That’s why he partnered with the company called Neuralink, which aims to link a person’s brain to a computer. The concept of doing this is called ‘neurotechnology’. The company aims to implant these chips to help people connect with computers. Neuralink is currently valued at $300 million and is another addition to Musk’s portfolio.

Bottom line

There is no denying that Musk is one of the richest people in the world. His wealth is estimated to be around $100 billion. There is no other person in the world who has achieved what he has in such a short amount of time. When it comes to finding the answers to how one gets rich, Musk is a man who knows exactly what he is doing. And that is a lot more important than the cars he sells or the companies he takes public. There is no doubt that Musk is one of the most influential people in the world. His inventions and ventures have changed the way we live. It is only fair that we acknowledge his contribution to society by learning how one gets rich.

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